Description
In 2020, we scrambled for hand sanitizer and toilet paper. Store shelves were empty, and the internet was offering scarce goods for a premium. 2021 saw local restaurants looking to fully reopen but having difficulty finding workers. Supplies were still scarce. 2022 ushered in a war in Europe and inflation. This is supply and demand in action.
Module 1 Discussion Week 1 Resources
Introduction to Demand and Supply (2022)
Red-hot inflation is raising prices on everyday essentials — here’s what’s rising the most (2022)
Oil tumbles as recession fears boost demand concerns (2022)
Don’t Blame Manufacturers for Rising Food Prices. They’re Hit By Inflation and Higher Costs, Too, Experts Say (2022)
Empty shelves: Why tampons, Sriracha and peanut butter are in short supply (2022)In 2020, America’s purchases of toilet paper, hand sanitizer, and cleaning products shifted from institutions to households. U.S. home cooks prepared food from scratch in their kitchens rather than eating at restaurants. As people were stuck indoors, home improvement spending increased. Working from living rooms meant purchases for work attire changed from business casual to loungewear and sweats. Online buying and delivery powered the economy in many sectors. Fast forward: Inflation pushed prices higher in 2022.
Module 2 Discussion Week 1 Resources
BEA Data: Personal Income (2022)
U.S. consumer spending, underlying inflation slow in May (2022)
State of the US consumer: July 2022 (2022)
Bank of America Credit and Debit Card Data Shows Continued Growth in Consumer Spending, up 9% year-over-year in May (2022)
U.S. Consumer Spending Cools In Sign Of Economy On Weaker Footing (2022)
Introduction to Consumer Choices (2022)
